(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification Number) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
99.1 | MSA Safety Incorporated Press Release dated October 23, 2019, announcing financial results for the quarter ended September 30, 2019. |
MSA SAFETY INCORPORATED | |||
(Registrant) | |||
By | /s/ Kenneth D. Krause | ||
Kenneth D. Krause | |||
Sr. Vice President, Chief Financial Officer and Treasurer |
99.1 |
• | Revenue was $351 million, increasing 6 percent from a year ago on a reported basis and 8 percent on a constant currency basis. |
• | GAAP operating income increased 49 percent to $60 million or 17.0 percent of sales, compared to $40 million or 12.1 percent of sales in the same period a year ago. Adjusted operating income increased 11 percent to $63 million or 18.0 percent of sales, compared to $57 million or 17.2 percent of sales in the same period a year ago, driven by gross margin expansion and operating expense leverage. |
• | GAAP earnings increased 25 percent to $42 million or $1.08 per diluted share, compared to $34 million or $0.86 per diluted share in the same period a year ago. Adjusted earnings were $45 million or $1.15 per diluted share, relatively consistent with the same period a year ago. The company's higher effective tax rate detracted $0.07 from adjusted earnings in the current period. |
• | Operating cash flow was $51 million. MSA paid down $24 million of debt, funded a $16 million dividend on common stock, and invested $10 million in capital expenditures in the quarter. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net sales | $ | 351,014 | $ | 331,096 | $ | 1,026,726 | $ | 996,320 | |||||||
Cost of products sold | 192,313 | 182,794 | 556,959 | 546,844 | |||||||||||
Gross profit | 158,701 | 148,302 | 469,767 | 449,476 | |||||||||||
Selling, general and administrative | 82,900 | 78,013 | 245,337 | 240,226 | |||||||||||
Research and development | 13,520 | 13,296 | 41,482 | 39,752 | |||||||||||
Restructuring charges | 1,850 | 2,615 | 11,203 | 10,223 | |||||||||||
Currency exchange (gains) losses, net (a) | (913 | ) | (252 | ) | 17,338 | 2,571 | |||||||||
Product liability expense | 1,730 | 14,627 | 8,155 | 25,469 | |||||||||||
Operating income | 59,614 | 40,003 | 146,252 | 131,235 | |||||||||||
Interest expense | 4,259 | 4,492 | 11,089 | 14,454 | |||||||||||
Loss on extinguishment of debt | — | 1,494 | — | 1,494 | |||||||||||
Other income, net | (2,929 | ) | (4,252 | ) | (8,850 | ) | (8,292 | ) | |||||||
Total other expense, net | 1,330 | 1,734 | 2,239 | 7,656 | |||||||||||
Income before income taxes | 58,284 | 38,269 | 144,013 | 123,579 | |||||||||||
Provision for income taxes | 15,673 | 4,206 | 37,913 | 23,606 | |||||||||||
Net income | 42,611 | 34,063 | 106,100 | 99,973 | |||||||||||
Net income attributable to noncontrolling interests | (372 | ) | (346 | ) | (822 | ) | (706 | ) | |||||||
Net income attributable to MSA Safety Incorporated | $ | 42,239 | $ | 33,717 | $ | 105,278 | $ | 99,267 | |||||||
Earnings per share attributable to MSA Safety Incorporated common shareholders: | |||||||||||||||
Basic | $ | 1.09 | $ | 0.88 | $ | 2.72 | $ | 2.59 | |||||||
Diluted | $ | 1.08 | $ | 0.86 | $ | 2.69 | $ | 2.55 | |||||||
Basic shares outstanding | 38,649 | 38,417 | 38,617 | 38,328 | |||||||||||
Diluted shares outstanding | 39,144 | 39,036 | 39,130 | 38,914 |
September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 108,481 | $ | 140,095 | |||
Trade receivables, net | 248,406 | 245,032 | |||||
Inventories | 192,199 | 156,602 | |||||
Notes receivable, insurance companies | 3,646 | 3,555 | |||||
Other current assets | 133,696 | 111,339 | |||||
Total current assets | 686,428 | 656,623 | |||||
Property, net | 158,957 | 157,940 | |||||
Operating lease assets, net | 50,470 | — | |||||
Prepaid pension cost | 68,387 | 57,568 | |||||
Goodwill | 428,629 | 413,640 | |||||
Notes receivable, insurance companies, noncurrent | 51,980 | 56,012 | |||||
Insurance receivable, noncurrent | 48,029 | 56,866 | |||||
Other noncurrent assets | 206,263 | 209,363 | |||||
Total assets | $ | 1,699,143 | $ | 1,608,012 | |||
Liabilities and shareholders' equity | |||||||
Notes payable and current portion of long-term debt, net | $ | 20,000 | $ | 20,063 | |||
Accounts payable | 69,773 | 78,367 | |||||
Other current liabilities | 172,435 | 183,630 | |||||
Total current liabilities | 262,208 | 282,060 | |||||
Long-term debt, net | 352,073 | 341,311 | |||||
Pensions and other employee benefits | 163,342 | 166,101 | |||||
Noncurrent operating lease liabilities | 40,836 | — | |||||
Deferred tax liabilities | 11,251 | 7,164 | |||||
Product liability and other noncurrent liabilities | 161,128 | 171,857 | |||||
Total shareholders' equity | 708,305 | 639,519 | |||||
Total liabilities and shareholders' equity | $ | 1,699,143 | $ | 1,608,012 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 42,611 | $ | 34,063 | $ | 106,100 | $ | 99,973 | |||||||
Depreciation and amortization | 9,547 | 9,378 | 28,339 | 28,585 | |||||||||||
Change in working capital and other operating | (1,453 | ) | 77,374 | (46,189 | ) | 57,639 | |||||||||
Cash flow from operating activities | 50,705 | 120,815 | 88,250 | 186,197 | |||||||||||
Capital expenditures | (9,998 | ) | (9,808 | ) | (23,523 | ) | (18,620 | ) | |||||||
Acquisition, net of cash acquired | — | — | (33,196 | ) | — | ||||||||||
Change in short-term investments | 113 | (57,090 | ) | (17,189 | ) | (57,090 | ) | ||||||||
Property disposals | 42 | 942 | 123 | 4,001 | |||||||||||
Cash flow used in investing activities | (9,843 | ) | (65,956 | ) | (73,785 | ) | (71,709 | ) | |||||||
Change in debt | (24,127 | ) | (38,390 | ) | 12,937 | (80,675 | ) | ||||||||
Cash dividends paid | (16,281 | ) | (14,624 | ) | (47,215 | ) | (42,605 | ) | |||||||
Other financing | 836 | (1,313 | ) | (6,555 | ) | (575 | ) | ||||||||
Cash flow used in financing activities | (39,572 | ) | (54,327 | ) | (40,833 | ) | (123,855 | ) | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4,393 | ) | (1,822 | ) | (5,378 | ) | (9,952 | ) | |||||||
Decrease in cash, cash equivalents and restricted cash | $ | (3,103 | ) | $ | (1,290 | ) | $ | (31,746 | ) | $ | (19,319 | ) |
Americas | International | Corporate | Consolidated | ||||||||||||
Three Months Ended September 30, 2019 | |||||||||||||||
Sales to external customers | $ | 234,624 | $ | 116,390 | $ | — | $ | 351,014 | |||||||
Operating income | 59,614 | ||||||||||||||
Operating margin % | 17.0 | % | |||||||||||||
Restructuring charges | 1,850 | ||||||||||||||
Currency exchange (gains), net | (913 | ) | |||||||||||||
Product liability expense | 1,730 | ||||||||||||||
Strategic transaction costs | 952 | ||||||||||||||
Adjusted operating income (loss) | 58,971 | 13,776 | (9,514 | ) | 63,233 | ||||||||||
Adjusted operating margin % | 25.1 | % | 11.8 | % | 18.0 | % | |||||||||
Depreciation and amortization | 9,547 | ||||||||||||||
Adjusted EBITDA | 65,342 | 16,854 | (9,416 | ) | 72,780 | ||||||||||
Adjusted EBITDA % | 27.8 | % | 14.5 | % | 20.7 | % | |||||||||
Three Months Ended September 30, 2018 | |||||||||||||||
Sales to external customers | $ | 209,343 | $ | 121,753 | $ | — | $ | 331,096 | |||||||
Operating income | 40,003 | ||||||||||||||
Operating margin % | 12.1 | % | |||||||||||||
Restructuring charges | 2,615 | ||||||||||||||
Currency exchange (gains), net | (252 | ) | |||||||||||||
Product liability expense | 14,627 | ||||||||||||||
Strategic transaction costs | 56 | ||||||||||||||
Adjusted operating income (loss) | 51,532 | 13,329 | (7,812 | ) | 57,049 | ||||||||||
Adjusted operating margin % | 24.6 | % | 10.9 | % | 17.2 | % | |||||||||
Depreciation and amortization | 9,378 | ||||||||||||||
Adjusted EBITDA | 57,573 | 16,559 | (7,705 | ) | 66,427 | ||||||||||
Adjusted EBITDA % | 27.5 | % | 13.6 | % | 20.1 | % |
Americas | International | Corporate | Consolidated | ||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||
Sales to external customers | $ | 679,699 | $ | 347,027 | $ | — | $ | 1,026,726 | |||||||
Operating income | 146,252 | ||||||||||||||
Operating margin % | 14.2 | % | |||||||||||||
Restructuring charges | 11,203 | ||||||||||||||
Currency exchange losses, net | 17,338 | ||||||||||||||
Product liability expense | 8,155 | ||||||||||||||
Strategic transaction costs | 2,937 | ||||||||||||||
Adjusted operating income (loss) | 171,463 | 39,888 | (25,466 | ) | 185,885 | ||||||||||
Adjusted operating margin % | 25.2 | % | 11.5 | % | 18.1 | % | |||||||||
Depreciation and amortization | 28,339 | ||||||||||||||
Adjusted EBITDA | 190,084 | 49,313 | (25,173 | ) | 214,224 | ||||||||||
Adjusted EBITDA % | 28.0 | % | 14.2 | % | 20.9 | % | |||||||||
Nine Months Ended September 30, 2018 | |||||||||||||||
Sales to external customers | $ | 633,812 | $ | 362,508 | $ | — | $ | 996,320 | |||||||
Operating income | 131,235 | ||||||||||||||
Operating margin % | 13.2 | % | |||||||||||||
Restructuring charges | 10,223 | ||||||||||||||
Currency exchange losses, net | 2,571 | ||||||||||||||
Product liability expense | 25,469 | ||||||||||||||
Strategic transaction costs | 208 | ||||||||||||||
Adjusted operating income (loss) | 151,456 | 41,960 | (23,710 | ) | 169,706 | ||||||||||
Adjusted operating margin % | 23.9 | % | 11.6 | % | 17.0 | % | |||||||||
Depreciation and amortization | 28,585 | ||||||||||||||
Adjusted EBITDA | 169,691 | 52,001 | (23,401 | ) | 198,291 | ||||||||||
Adjusted EBITDA % | 26.8 | % | 14.3 | % | 19.9 | % |
Three Months Ended September 30, 2019 | ||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection | Fall Protection | Core Sales | Non-Core Sales | Net Sales | ||||||||||||
GAAP reported sales change | (11 | )% | 19 | % | 2 | % | 12 | % | 17 | % | 24 | % | 7 | % | (3 | )% | 6 | % | ||
Plus: Currency translation effects | 1 | % | 2 | % | 2 | % | 2 | % | 1 | % | 3 | % | 2 | % | 2 | % | 2 | % | ||
Constant currency sales change | (10 | )% | 21 | % | 4 | % | 14 | % | 18 | % | 27 | % | 9 | % | (1 | )% | 8 | % |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection | Fall Protection | Core Sales | Non-Core Sales | Net Sales | ||||||||||||
GAAP reported sales change | (4 | )% | 6 | % | 1 | % | 4 | % | 9 | % | 21 | % | 4 | % | (6 | )% | 3 | % | ||
Plus: Currency translation effects | 2 | % | 2 | % | 2 | % | 2 | % | 3 | % | 4 | % | 3 | % | 3 | % | 2 | % | ||
Constant currency sales change | (2 | )% | 8 | % | 3 | % | 6 | % | 12 | % | 25 | % | 7 | % | (3 | )% | 5 | % |
Three Months Ended September 30, 2019 | ||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection | Fall Protection | Core Sales | Non-Core Sales | Net Sales | ||||||||||||
GAAP reported sales change | (8 | )% | 15 | % | 1 | % | 13 | % | 27 | % | 40 | % | 11 | % | 22 | % | 12 | % | ||
Plus: Currency translation effects | — | % | 1 | % | 1 | % | 1 | % | — | % | 1 | % | — | % | 1 | % | 1 | % | ||
Constant currency sales change | (8 | )% | 16 | % | 2 | % | 14 | % | 27 | % | 41 | % | 11 | % | 23 | % | 13 | % |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection | Fall Protection | Core Sales | Non-Core Sales | Net Sales | ||||||||||||
GAAP reported sales change | 1 | % | 6 | % | — | % | 4 | % | 16 | % | 31 | % | 7 | % | 9 | % | 7 | % | ||
Plus: Currency translation effects | — | % | — | % | 1 | % | 1 | % | — | % | 1 | % | 1 | % | 1 | % | 1 | % | ||
Constant currency sales change | 1 | % | 6 | % | 1 | % | 5 | % | 16 | % | 32 | % | 8 | % | 10 | % | 8 | % |
Three Months Ended September 30, 2019 | ||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection | Fall Protection | Core Sales | Non-Core Sales | Net Sales | ||||||||||||
GAAP reported sales change | (17 | )% | 43 | % | 6 | % | 10 | % | 6 | % | 2 | % | 1 | % | (28 | )% | (4 | )% | ||
Plus: Currency translation effects | 3 | % | 6 | % | 3 | % | 3 | % | 3 | % | 5 | % | 3 | % | 3 | % | 3 | % | ||
Constant currency sales change | (14 | )% | 49 | % | 9 | % | 13 | % | 9 | % | 7 | % | 4 | % | (25 | )% | (1 | )% |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||
Breathing Apparatus | Firefighter Helmets and Protective Apparel | Industrial Head Protection | Portable Gas Detection | Fixed Gas and Flame Detection | Fall Protection | Core Sales | Non-Core Sales | Net Sales | ||||||||||||
GAAP reported sales change | (12 | )% | 8 | % | 5 | % | 3 | % | 2 | % | 8 | % | — | % | (21 | )% | (4 | )% | ||
Plus: Currency translation effects | 5 | % | 7 | % | 6 | % | 6 | % | 5 | % | 6 | % | 5 | % | 4 | % | 5 | % | ||
Constant currency sales change | (7 | )% | 15 | % | 11 | % | 9 | % | 7 | % | 14 | % | 5 | % | (17 | )% | 1 | % |
Three Months Ended September 30, 2019 | ||||||||
Consolidated | Americas | International | ||||||
Fall Protection | 27 | % | 41 | % | 7 | % | ||
Firefighter Helmets and Protective Apparel | 21 | % | 16 | % | 49 | % | ||
Fixed Gas and Flame Detection | 18 | % | 27 | % | 9 | % | ||
Portable Gas Detection | 14 | % | 14 | % | 13 | % | ||
Industrial Head Protection | 4 | % | 2 | % | 9 | % | ||
Breathing Apparatus | (10 | )% | (8 | )% | (14 | )% | ||
Core Sales | 9 | % | 11 | % | 4 | % | ||
Non-Core Sales | (1 | )% | 23 | % | (25 | )% | ||
Net Sales | 8 | % | 13 | % | (1 | )% |
Nine Months Ended September 30, 2019 | ||||||||
Consolidated | Americas | International | ||||||
Fall Protection | 25 | % | 32 | % | 14 | % | ||
Firefighter Helmets and Protective Apparel | 8 | % | 6 | % | 15 | % | ||
Fixed Gas and Flame Detection | 12 | % | 16 | % | 7 | % | ||
Portable Gas Detection | 6 | % | 5 | % | 9 | % | ||
Industrial Head Protection | 3 | % | 1 | % | 11 | % | ||
Breathing Apparatus | (2 | )% | 1 | % | (7 | )% | ||
Core Sales | 7 | % | 8 | % | 5 | % | ||
Non-Core Sales | (3 | )% | 10 | % | (17 | )% | ||
Net Sales | 5 | % | 8 | % | 1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||
Net income attributable to MSA Safety Incorporated | $ | 42,239 | $ | 33,717 | 25% | 105,278 | 99,267 | 6% | |||||||||||
Tax (benefit) associated with U.S. Tax Reform | — | (1,956 | ) | — | (1,956 | ) | |||||||||||||
Non-deductible non-cash charge related to the recognition of currency translation adjustments (a) | — | — | 15,359 | — | |||||||||||||||
Tax benefit associated with ASU 2016-09: Improvements to employee share-based payment accounting | (187 | ) | (430 | ) | (2,180 | ) | (2,306 | ) | |||||||||||
Subtotal | 42,052 | 31,331 | 34% | 118,457 | 95,005 | 25% | |||||||||||||
Product liability expense | 1,730 | 14,627 | 8,155 | 25,469 | |||||||||||||||
Restructuring charges | 1,850 | 2,615 | 11,203 | 10,223 | |||||||||||||||
Strategic transaction costs | 952 | 56 | 2,937 | 208 | |||||||||||||||
Currency exchange (gains) losses, net | (913 | ) | (252 | ) | 1,979 | 2,571 | |||||||||||||
Loss on extinguishment of debt | — | 1,494 | — | 1,494 | |||||||||||||||
Asset related losses (gains), net | 38 | (733 | ) | 271 | 415 | ||||||||||||||
Income tax expense on adjustments | (878 | ) | (4,024 | ) | (5,912 | ) | (9,645 | ) | |||||||||||
Adjusted earnings | $ | 44,831 | $ | 45,114 | (1)% | $ | 137,090 | $ | 125,740 | 9% | |||||||||
Adjusted earnings per diluted share | $ | 1.15 | $ | 1.16 | (1)% | $ | 3.50 | $ | 3.23 | 8% |
WU^H&@UH5PSRJ:MT
M=NN&Z89#*WAR<)Q1V*ZKAM.8E#FD2-5.)!N"@B3'J3R#"0F8J(*,Z]K<5H
M+'32&^; UB:4=*B*8>@Y07'+ E%'V5J?UE3"*MJ8V'K84X*#K'@.E2 %O624
MZ4AU$Y(4*H ,X3FH#B%P]XP:K+K36)#3%>H>Y+[U=LTEJ+QK:J;$I^[I;&F:
MNX[$+P?+!G+TUTQ+BWUO<%S(XKZZ@+& &'$].\O8ST \EDY),0!(,. \<70F
M+;KYOGQ
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end
*9:HH2C8HUM; I%LE@O9/<)2H"!D=V8JP"4#!^7M
M>3Q4T33<*-^@Q@?2. )1E36%YT9QHOB^Q)#%$'QA556P'4/0NVZ(G@V;.WCK
MY]&5O'7K?DB:*4E,J% H&0)>1['@%>1@F#+,,PJR3>>^0GJZC$/$I! 024_)
MXU$,+Y%IRU$&,58)2O:M]&CS8 &Z*WG^+M5
MKD*]1;U%O7UVO0T\I]>NL[<7%1<55TNI-D1QO8$3>#L5[K=;<=4P^96@0,GB
M^]45)$F !>X"_]^5M580)8
MOW0LZ._ZY-Y?^@3TGQO*/PWU+_L7'/1WY#^TO^D3PK_K$QQ$!]"#5&0HJ*"_
MJ3S,6QA8 #KVKQ@(%?WO"-)'BA$,K%N8V$CUB0$"82*U 3[A38_?L@6$!1 2
M$9.0WB(CIV!@9*+DXY=CKO:"UDQNBNK;>-^631AET:D:3RZ:$-%+>2%F@"U.
M"-S("Q1,+/S?TAZ$@HH< HV!&!V##Q.+A!2I,W*7& N;4
MR/;]E&19^>-74&!9%!M(DH3ZD/F O:5S]'L<^QERTN!Z\PQV]W#A"?*!A
MK-/U.H@N1-=A;)?G^"[F>!%>!X*73,&9!*]&AV]OU/G8X8T\4V)"TS$CI^J@
MTY
23RUXSE5$ '2)R&, !I^*"S 28096D/?2A+>^BSJ*A.9^!TT<-KY^'+
ME6WD!=H2V^E#6=I#'\K2'OHL\O%>KU4GY[LN$-V2+)O^E"6]M!G4XC@.;YK4L$IF]W\
MFR+/61K*8X7!QZ=C1N011(P[)&4"S8KM]*$L[:$/96D/?3:Y^YX3!%C<5 ]W
M_SG/(AC4DR2FPSB)A?3[,Y9RG.&WGCZ4I3WTH2SMH<\B5]]WO$Z=BH/HZ0^P
MG4C(;>KC."3P1\IIJ$XO"3,N,(MO/7TH2WOH0UG:0Y]%OMYW!H%)&[QL]O4;
MSIDMU^V34YG-OZ>0O$5@]'J>T^Z:-*>$QLXD? 4#I]\W*8>)\#()7J=^!\R7
MG071\103T]'I]3M@_3"OHVVLM^4O.1Z'<:M+@8C:1)T/0\/&O'2FABULUX
M^FPR,_VF'6AB:1CWELUR%L:JE#BA:43H- /2_J.^0)-D.WTH2WOH0UG:0Y]%
MH8+?=X+ I-*D-KO[E<-GK0>?-W =M]\V"'UHW$S"5WO@!![.]R*\#C
R]]]*HM9ZG>7K@)",FEL"Y0X6-RRI-3!#.I0WX#=H>O-SQ>98
MR0.>.9;F3NF-(AMHE2Z,YM+U2TIY#&::Y@F8L%@D\-S"M$F*)-O*!])X2UL4
M*S])9Z"&X"FE+8-6E+.2 EDC,V)27@IX$J&EQ(847)OR=N!W%*O@'= 7+H6=
MGJE[YOULK;FQ*F.UZM660I.02=>P$H:M>;W].+FN^I$):%!%]G)[I_O$YC[[O4Z_Z[O=PU<.[NI1*W=@:5M[+_3[
M0*5GK!R\G\1(@RH'7TURAJ6#L?X;E@ZNQ2'#2@?KPSC-ZPKKPRB-BP[KPR3]
M*Q)KQ"L-RQ7KPQT-:MWNP P,A(Z#"DVJ(",R]$,&EDAN0(GD.GL?:JT&L'/=
MRY&7#==9VZ&_M"P5%LK*'%DUIPJ>^<*J=2H]"NMYA-5V45C&",M#GV71Y([A
M8/3M+.^)8#01C+4V;)H)1GMS.P
G5S$6GG, FQ:"(6L5JV/4Z]88=A8'4'-*9Z
M(=+.ZC>(12.Q:"<8F^G9\1R,>?F<1I8WQ?IC5J*YF=6G$;P^SK-K,7%N,Y&W"=TRD[GQ$@QFQQ+!BTOO?O]P]?9B[8OU&W=-:&@?:GAM7/%N8!=MBR]L9Q-*7J/"S6HS?
MQ529,:V,\]AXUW
M4$L#!!0 ( (^*5T\(R]=\E@D !YF 4 ;7-A+3(P,3DQ,#(S7VQA
M8BYX;6S-G5]3V[@:A^_[*738FSTS&V+YOSLM.[9D[S"';9E"ISM[XS&) $\3
MBY%-@6]_9"<.A.!$DN6$FY)2H_>G!^F)Y-CNIS\?YS/PB[ RI\7G(WAL' %2
M3.@T+VX^'WV_&(47Z/3TZ,^3#Y_^,QK]$WT[ YA.[N>DJ !B)*O(%#SDU2WX
M,27E3W#-Z!S\H.QG_BL;C18_!)H7L[SX^;'^XRHK"7@L\X_EY);,LS,ZR:JF
M]FU5W7T
Cover Page Document |
Oct. 23, 2019 |
---|---|
Cover page. | |
Entity Incorporation, State or Country Code | PA |
Document Type | 8-K |
City Area Code | 724 |
Title of 12(b) Security | Common stock, no par value |
Pre-commencement Issuer Tender Offer | false |
Pre-commencement Tender Offer | false |
Soliciting Material | false |
Written Communications | false |
Amendment Flag | false |
Entity Central Index Key | 0000066570 |
Entity File Number | 1-15579 |
Entity Tax Identification Number | 46-4914539 |
Trading Symbol | MSA |
Security Exchange Name | NYSE |
Local Phone Number | 776-8600 |
Entity Emerging Growth Company | false |
Document Period End Date | Oct. 23, 2019 |
Entity Registrant Name | MSA SAFETY INCORPORATED |
Entity Address, Address Line One | 1000 Cranberry Woods Drive |
Entity Address, City or Town | Cranberry Township, |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 16066-5207 |